As far as we know right now it probably will not. What will be a problem is deleting bloatware and blur or installing one of the leaked OTA updates. It is out understanding that the updates that will lead you eventually to ICS will look for the stock apps to be present and the stock kernel and baseband.

So, once you are rooted install the official Bionic Bootstrap app from the market and use it to install Clockwork Recovery. Then without changing a single thing, reboot into CWR and make a "virgin" backup. Keep that file safe - put it on the a computer and keep a copy on your sdcard. That backup will let you return the phone to stock when the updates start hitting the phones.

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